Digital banking startup ReliefClub Inc., which does business as Fintech Oxygen, said now it’s raised $17 million in the latest round of funding.
Runa Capital led the Series A round, which also included participation from S7V, 1984.vc, EFG Hermes, Rucker Park and Inventures, and also celebrity and prominent fintech investors like Frank Strauss, of the Commercial and private Bank for Deutsche Bank AG, Plaid Inc. co founder William Hockey, Ankur Nagpal, Peter Treadway and NFL wide receiver Larry Fitzgerald.
Oxygen has established a digital banking platform and mobile application that it states gives versatile financial services to people who have many income streams, freelance or contract work working arrangements.
According to Fintech Definition the platform supplies an entire range of banking services through the mobile app of its, which operates on both Android devices and iOS. It offers owners with credit cards as well as debit cards and also gives them the chance to send as well as receive money, apply for a virtual credit card, make payments in stores, apply for loans and perform various other banking related jobs straight from the app. As a bonus for owners, Oxygen does not charge monthly fees, which means no overdraft, late or minimum balance fees are imposed.
Owners are able to pick from a private or perhaps business account, and they are able to top up their account any time by utilizing GreenDot locations at stores such as Walgreens or Walmart. Oxygen has partnered with Visa Inc. on its Fast Track system which enables users to learn from the access and security of Visa’s network. It also leverages Visa’s real-time push payment cure Visa Direct to make certain owners can be paid fast.
The company launched the services of its in January 2020 ia on of Top Fintech Companies and states it’s enjoyed huge advancement in the past year, partially because of the coronavirus pandemic. It states greater than 125,000 accounts have been opened, with a 969 times revenue boost, nevertheless, it doesn’t give certain numbers and that growth is no doubt off a tiny base.
“This expense not only validates what we’ve made but also allows us to go on pursuing the vision of ours of building financial tools that integrate seamlessly with the digital world of these days and delight our customers,” stated Oxygen Chief Executive Hussein Ahmed. “We created Oxygen as we was looking to offer financial services in the same way people communicate with technology in their daily lives.”
Oxygen said it plans to use the funding to scale up the team of its and also present new financial products and services to users in order to accelerate the growth of its.